Two arrested in criminal misappropriation case of over Rs 4 crores from Ministry of New and Renewable Energy

The officials of Economic Offence Wing have arrested two people in alleged connection with a case of criminal misappropriation of Rs 4.10 crore from the Ministry of New and Renewable Energy.

A complaint was filed against Pragat Akshay Urja Limited, which had set up a Special Purpose Vehicle (SPV) in the name of Sai Guru Solar Private Limited for development of 500 MW solar park at Sakri, Dhule, Maharashtra.

The Ministry of New and Renewable Energy on request from Government of Maharashtra accorded principle approval for setting up of one 500 MW Solar Park in Maharashtra on September 29, 2015. After due process, as per administrative guidelines of solar park scheme Central Financial Assistance (CFA) of Rs 25 lakhs was released to Solar Energy Corporation of India (SECI) towards the preparation of Detailed Project Report (DPR) for further release to the SPPD, read a statement.

Accordingly, Rs 25 lakhs was disbursed to SPPD through MEDA and Rs 4.10 crore was also disbursed to SPPD towards administrative approvals on December 2, 2016.

The Ministry of New and Renewable Energy through proper channel disbursed Rs 4.35 crore to Sai Guru Solar Private Limited for the project. The company had to complete the project within 18 months, but it did not complete it.

Even the alleged company did not purchase the 50 per cent of the required land till date. It also did not return the amount despite various reminders by the Ministry. The company cheated Rs 4.10 crore given for the acquisition of land and for development of Solar Park. Accordingly, an FIR dated October 11, 2019, was filed under Sections 409/120B of the Indian Penal Code (IPC) at EOW, Mandir Marg and investigation was taken up.

During the investigation, it was found that the Ministry had disbursed Rs 25 lakhs for DPR and Rs 4.10 crore to the account of the alleged company of Sai Guru Mega Solar Park Pvt Ltd as a grant/subsidy for the development of one 500 MW Solar Park in Maharashtra.

The accused person used the majority part of subsidy amount to repay the outstanding of loan availed by the main company Pragat Akshay Urja Ltd and remaining amount were also diverted into account of Pragat Akshay Urja and its directors' account/interest but the same was provided to them for the purpose of development of the said project.

During the investigation, it was also found that the implementing agency Sai Guru Mega Solar Park Pvt Ltd and Pragat Akshay Urja Ltd did not use the CFA/subsidy as per the scheme and misappropriated the entrusted amount for their personal use.

After carrying out the investigation of the case, a team was constituted to search the accused persons at Indore. Police officials conducted searches at various places in Indore and finally nabbed both accused. Efforts are on to the arrest of the third accused who is absconding.